Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

I thank the Minister for his reply, which I fully understand. Unfortunately for some borrowers in this country it would appear that when the interest rates increase across Europe, we get the benefit of parity with them, but that if they are lower than our interest rates, we do not get parity. I appreciate all the reasons and understand them fully. However, under the rules of the Single Market we are entitled to the same as everyone else as it happens, whether we like it or not or whether they like it or not. As I have mentioned previously, a taxation subcommittee of the Parliament is going around Europe at the moment. As has been the subject of various discussions, it will seek to impose wealth taxes on inheritance taxes and increase them in a punitive way. In order to do that, it wants to get control over the financial system and have majority voting apply, in which case it would then determine budgets, taxation etc.

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